We Have A Buyer For Arrium

The Decision Is In...

A Korean consortium's been picked as the preferred bidder for the iron-ore company that went into administration last year with debts of more than $4 billion.

UK's Liberty House was the other group in the running.

Administrators hope to sign off on the sale contract "as soon as possible."

"After a 14-month administration and a nine-month sale process, we are now an important step closer to providing certainty to employees, creditors, suppliers, customers and the Whyalla community," administrator Mark Mentha said.

The sale will also need to clear a committee of creditors and the Foreign Investment Review Board.

"This is one of those great examples after a long and torturous process, a lot of uncertainly, tonight we're getting closer to the end of the tunnel," said Treasurer Tom Koutsantonis.

Planned upgrades at the Whyalla steelworks could also benefit the state's electricity grid.

The Koreans are expected to bring gas generation for new steelmaking processes with up to 250 megawatts to help shore up the grid.

Assurances have also been made on jobs with the consortium agreeing to retain all of the existing workforce following an upgrade of the steelworks.